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PancakeSwap Price Breakout? Key Levels to Watch This Week
The price of PancakeSwap (CAKE) has been trending upwards, and it appears to be breaking out. At the time of publication, CAKE is trading at $2.70, up 5.06% in 24 hours. The price movement comes as a result of the introduction of perpetual contracts for Apple, Amazon, and Tesla stocks, offering up to 25x leverage. This development has attracted significant attention from both retail and DeFi traders.
The charts suggest that CAKE has broken above its short-term moving averages with rising volume and an improving RSI (Relative Strength Index), hinting at a bullish sentiment. The price has also passed its 7-day Simple Moving Average (SMA) at $2.62 and pivot point at $2.64, further validating the positive outlook.
From a technical perspective, there are key levels to watch this week. The immediate resistance for PancakeSwap lies at $2.78, followed by a critical level at $2.90 which aligns with the 38.2% Fibonacci retracement of July’s peak at $3.302. A close above $2.90 could potentially set the stage for a run back to the July high.
On the support and resistance front, CAKE has managed to hold well above the $2.52 support level, bouncing off a 24-hour low of $2.57.
Source: coinpedia.org
